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MONTREAL, June 5 /CNW Telbec/ - Campbell Resources Inc. (the "Company" or
"Campbell") (TSX: CCH, OTC Bulletin Board: CBLRF), issued an earnings forecast
today for its 2008-2010 fiscal years.
"In fiscal 2007, the Company successfully executed its restructuring plan
and streamlined its operations, which laid the foundation for the growth we
are currently experiencing. Over the next few years, we should see a
substantial increase in production and metal sales and significantly improved
results," said André Fortier, Campbell's President and Chief Executive
Officer.
In fiscal 2008, Campbell anticipates metal sales totalling approximately
$41.0 million, a loss from operations of approximately $13.0 million, a
negative EBITDA of $935,000 and a net loss of approximately $11.7 million.
This assumes an average copper price of $3.39/lb and an average gold price of
$862.29 in 2008. In fiscal 2007, Campbell's metal sales totalled
$26.8 million, the loss from operations was $25.0 million, and the net loss
was $19.0 million.
In fiscal 2009, Campbell anticipates metal sales totalling approximately
$106.3 million, a profit from operations of approximately $13.2 million,
EBITDA of approximately $22.2 million and a net income of approximately
$12.4 million. This assumes an average copper price of $3.30/lb and an average
gold price of $850 in 2009. The increase in metal sales in 2009 will come as a
result of the Company's Corner Bay project being in full commercial
production.
In fiscal 2010, Campbell forecasts metal sales totalling approximately
$99.7 million, a profit from operations of approximately $11.8 million, EBITDA
of approximately $17.3 million and a net income of approximately $9.1 million.
This assumes an average copper price of $3.10/lb and an average gold price of
$800 in 2010.
Campbell also announced today that a total of 205,802 share purchase
warrants were exercised on May 26, 2008, the expiry date for a series of
113,108,312 warrants issued in 2006 as part of a brokered private placement, a
non-brokered private placement with Nuinsco Resources Ltd. and a rights
offering. The 205,802 share purchase warrants were exercised at a price of
$0.15 per share, for total proceeds of $30,870.30.
About Campbell Resources Limited
Campbell Resources Inc. concentrates on the development and exploitation
of copper and gold mining properties in the Chibougamau region of Quebec. The
geographical grouping of its operations allows the Company to realize
economies of scale and to focus development within access to existing
infrastructures. Campbell's main operations include the Copper Rand and
Merrill mines, the Corner Bay project and the Copper Rand mill. The Company's
headquarters are located in Montreal, Quebec.
Certain information contained in this release contains "Forward-Looking
Statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and is subject to certain risks, assumptions and uncertainties,
including those "Risk Factors" set forth in the Campbell's current Annual
Report on Form 20-F for the year ended December 31, 2007, which may cause
actual future results to differ materially from those expressed or implied in
any forward-looking statement. Such factors include, but are not limited to:
differences between estimated and actual mineral reserves and resources;
changes to exploration, development and mining plans due to prudent reaction
of management to ongoing exploration results, engineering and financial
concerns; and fluctuations in the gold and copper prices which affect the
profitability and mineral reserves and resources of Campbell. The key
assumptions underlying the forward-looking statements contained in this
release are that the gold and copper prices remain equal to or above the
prices disclosed herein. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof.
Forward-looking statements are expressly qualified in their entirety by this
cautionary statement.
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